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Income tax expense (Tables)

12 Months Ended

Dec. 31, 2024

Text blocks [abstract]

Summary of Income Tax Expense


		31 December		31 December		31 December
		2024		2023		2022
Current income tax expense		(3,302,541)		(986,192)		(1,248,214)
Deferred income tax expense		(1,563,492)		7,737,186		5,269,546
Total income tax expense		(4,866,033)		6,750,994		4,021,332

Summary of Income Tax Relating to Each Component of Other Comprehensive Income


				Tax (expense) /
31 December 2024		Before tax		benefit		Net of tax
Foreign currency translation differences		(7,293,767)		-		(7,293,767)
Change in cash flow hedge reserve		(514,553)		122,397		(392,156)
Change in cost of hedging reserve		1,511,265		(377,816)		1,133,449
Fair value reserve		100,930		(25,233)		75,697
Hedges of net investments in foreign operations		1,632,047		(408,012)		1,224,035
Remeasurements of defined benefit plan		(176,940)		44,177		(132,763)
		(4,741,018)		(644,487)		(5,385,505)

				Tax (expense) /
31 December 2023		Before tax		benefit		Net of tax
Foreign currency translation differences		4,129,565		(708,985)		3,420,580
Change in cash flow hedge reserve		2,271,364		36,819		2,308,183
Change in cost of hedging reserve		(562,159)		395,647		(166,512)
Fair value reserve		215,993		(7,961)		208,032
Hedges of net investments in foreign operations		(3,382,331)		1,705,773		(1,676,558)
Remeasurements of defined benefit plan		(216,218)		219,713		3,495
		2,456,214		1,641,006		4,097,220

				Tax (expense) /
31 December 2022		Before tax		benefit		Net of tax
Foreign currency translation differences		(1,080,920)		(1,280,907)		(2,361,827)
Change in cash flow hedge reserve		3,301,693		(129,706)		3,171,987
Change in cost of hedging reserve		(3,133,985)		626,797		(2,507,188)
Fair value reserve		(176,141)		51,959		(124,182)
Hedges of net investments in foreign operations		(752,112)		635,461		(116,651)
Remeasurements of defined benefit plan		(2,634,730)		525,362		(2,109,368)
		(4,476,195)		428,966		(4,047,229)

Summary of Reconciliation of Effective Income Tax Expense


		31 December		31 December		31 December
		2024		2023		2022
Profit from continuing operations before income tax expense		15,952,932		8,499,116		4,694,072
Profit before income tax expense		15,952,932		8,499,116		4,694,072

Tax at the Turkiye’s tax rate		(3,988,233)		(2,124,779)		(1,079,637)
Difference in overseas tax rates		110,336		147,241		211,550
Effect of exemptions (*)		3,130,417		2,849,329		1,793,820
Effect of amounts which are not deductible and permanent differences		3,544,601		(909,418)		(633,510)
Change in unrecognized deferred tax assets (**)		(3,242,154)		308,452		(333,765)
Adjustments for current tax of prior years		(50,230)		120,388		23,038
Effect of increase in corporate tax rate in Turkiye		-		(1,540,146)		560,340
Tax effect of investment in associate and joint venture		546,025		(592,708)		(112,923)
Tax effect of Law No 7440 (***)		-		(407,988)		-
Inflation adjustments		(4,847,375)		8,895,367		3,597,035
Other		(69,420)		5,256		(4,616)
Total income tax expense		(4,866,033)		6,750,994		4,021,332

(*)	Effect of exemptions mainly consist of R&D discounts and exemptions due to capital investments.

(**)	Net deferred tax assets not reflected in the statement of financial position mainly consist of unused current period losses on which no deferred tax asset has been recognized.

(***)

In accordance with the Law No. 7440 on the “Restructuring of Certain Receivables and Amending Certain Laws” published in the Official Gazette on 12 March 2023, it has been decided that an additional tax of 10% should be calculated over the deduction amounts (included in 2022 tax returns) and tax bases subject to reduced corporate tax.